(1) Indemnification of an individual who has incurred liability or is a party, or is threatened to be made a party, to litigation because of the performance of a duty to, or activity on behalf of, a limited cooperative association is governed by the 'Colorado Business Corporation Act', articles 101 to 117 of this title.(2) A limited cooperative association may purchase and maintain insurance on behalf of any individual against liability asserted against or incurred by the individual to the same extent and subject to the same conditions as provided by the 'Colorado Business Corporation Act', articles 101 to 117 of this title.L. 2011: Entire article added, (SB 11 -191), ch. 197, p. 797, § 1, effective 4/2/2012.
Colorado Legal Code